Cataract Surgery Devices Market Overview:

Cataract Surgery Devices Market was valued at $7,025 million in 2016, and is expected to reach $9,587 million by 2023, registering a CAGR of 4.3% from 2017 to 2023. Cataract is an eye-related disease in which clouding of the eye lens is observed that leads to loss of vision. Cataract surgery is the removal of clouded natural lens, and involves implantation of intraocular lens.

The devices and instruments such as phacoemulsification systems, ophthalmic viscoelastic devices, drapes, gloves, balanced salt solution, forceps, irrigation set, and intraocular lenses, which aid in this cataract surgical procedure is known as cataract surgery devices, as these serve as an appropriate instrument for such eye defects and cause no harm to cornea. According to WHO, one of the major causes of visual impairment is unoperated cataract, which constitutes to about 33% of the total global population as of 2014. Moreover, 90% of the visually impaired people live in developing economies.

Increase in prevalence of cataract disease as well as technological advancements in ophthalmic devices drive the market. In addition, the rise in geriatric population worldwide boost the market growth. Lack of healthcare insurance and less awareness among individuals regarding the benefits of cataract surgery impede the growth of the cataract surgery devices market. However, high cost associated with cataract surgeries especially in developing economies, such as India, China, Brazil, and South Africa also restrict the growth of the market. Moreover, governments introduce programs to reduce the burden of cataract-related diseases, which create lucrative opportunities for key market players

The global cataract surgery devices market is segmented based on product, type, end user, and region. Based on product, the market is divided into intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. Based on type, the market is classified into equipment and consumables. Based on end user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers.

Global Cataract Surgery Devices Market Segmentation

Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global market is driven by the increase in geriatric population coupled with the increased prevalence of cataract disorders. However, the dearth of skilled professionals and lack of awareness regarding cataract disorders especially in developing economies impede the growth of the global cataract surgery devices market. Moreover, the increase in R&D expenditure for developing efficient cataract surgery devices, such as MiLoop cataract device by IanTech create lucrative opportunities for key market players.

Market Dynamics: Drivers & Restraints

China Cataract Surgery Devices

The rise in geriatric population and an increase in inclination toward surgical cataract procedures contribute to the growth of cataract surgery devices market. However, the rise in income of individuals coupled with the large population base affected with cataracts in China help in the growth of cataract surgery devices market.

The study provides an in-depth analysis along with the current trends and future estimations of the market to elucidate the imminent investment pockets.

Comprehensive analysis of the factors that drive and restrict the market growth are provided in the report.

The quantitative analysis of the industry for the period of 2016 to 2023 is provided to enable stakeholders to capitalize on the prevailing market opportunities.

Extensive analysis of key segments of the industry is provided to understand the type of techniques and methods used across the globe.

Key market players and their strategies are analyzed to understand the competitive outlook of the market.

Cataract Surgery Devices Market Key Segments:

By Product

Intraocular Lens (IOL)

Ophthalmic Viscoelastic Device (OVD)

Phacoemulsification Equipment

By Type

Equipment

Consumables

By End User

Hospitals

Ophthalmology Clinics

Ambulatory Surgery Centers

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Rest of Europe

Asia-Pacific

Japan

China

Australia

India

South Korea

Rest of Asia-Pacific

LAMEA

Brazil

South Africa

Saudi Arabia

Rest of LAMEA

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3.6.1.1. Increase in prevalence of cataract diseases
3.6.1.2. Technological advancements in ophthalmic devices
3.6.1.3. Rise in the geriatric population
3.6.1.4. Increase in focus on customer training and education along with awareness

3.6.2. Restraints

3.6.2.1. Low awareness among people related to eye disorders
3.6.2.2. High cost incurred for cataract surgeries

3.6.3. Opportunities

3.6.3.1. Developing economies to be a great opportunity for cataract surgery device manufacturers

Cataract is a medical condition, which results in the clouding of the eye’s natural lens. This lens lies behind the pupil and the iris. Phacoemulsification surgery, extracapsular cataract extraction surgery, and manual small incision cataract surgery are different types of cataract surgeries. Devices used in cataract surgery are of two types-equipment and consumables. Equipment are the instruments, which aid in the cataract surgeries whereas, consumables include intraocular lens, salt solutions, gloves, and drapes.

As per the American Academy of Ophthalmology in 2014, around 2 million cataract surgeries were conducted in the U.S., which is projected to be around 50 million by 2050. Such high prevalence of the diseases across the globe is expected to drive the global cataract surgical devices market during the forecast period.

The rise in the geriatric population coupled with the increase in cataract cases increases the demand for cataract surgeries in high populous countries such as India and China. For instance, India has about 74% of individuals aged 60 years or older having or undergone cataract surgery as of 2016. Moreover, the increase in awareness due to various initiatives by government and non-government organizations also help boost the growth of the cataract surgery devices market.

Many key players have also brought innovation to the cataract surgery devices, which has enhanced the success rates of surgical procedures. For instance, a company called Mynosys Cellular Devices, Inc. developed a device called Zepto. This device is FDA approved and aids in cataract surgical procedures such as capsulotomy or capsulorhexis with its precision pulse technology. Hence, owing to the factors such as high adoption rate of cataract surgical devices, and rise in interest of key players toward its R&D, the cataract surgery devices market is expected to show profound growth in the near future.

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